The slap fight between Donald Trump and Elon Musk has highlighted the absurdity of keeping so much of our space program and satellite internet infrastructure in the hands of a single oligarch.
The automotive manufacturers General Motors and Chrysler were partially nationalized in the wake of the 2008 Financial Crisis as were several banks… these were less a full government takeover and more of a government guided restructuring, but the government owned large stakes in these companies. Before that, the only full nationalization of anything substantial was the bankruptcy of the Penn Central Railroad and subsequent establishment of Consolidated Rail (branded as ConRail) the US’s only national freight rail company.
Conrail was later privatized into what is now the private companies CSX and Norfolk Southern. The collapse of Penn Central was the largest bankruptcy in history until Enron in the 1990’s. Amtrak, our national passenger rail corporation, is also a nationalized entity created around the same time as ConRail, for similar reasons, and is still nationalized (although the Trump admin wants to privatize it).
The automotive manufacturers General Motors and Chrysler were partially nationalized in the wake of the 2008 Financial Crisis as were several banks… these were less a full government takeover and more of a government guided restructuring, but the government owned large stakes in these companies. Before that, the only full nationalization of anything substantial was the bankruptcy of the Penn Central Railroad and subsequent establishment of Consolidated Rail (branded as ConRail) the US’s only national freight rail company.
Conrail was later privatized into what is now the private companies CSX and Norfolk Southern. The collapse of Penn Central was the largest bankruptcy in history until Enron in the 1990’s. Amtrak, our national passenger rail corporation, is also a nationalized entity created around the same time as ConRail, for similar reasons, and is still nationalized (although the Trump admin wants to privatize it).